Techniques for Day Trading the ES, NQ, YM, MES, MNQ, and MYM

Not to open up a can of worms, but it has been stated here in the past that Hershey passed away broke. If he could not turn his supposed ability of reading and predicting the market moves into cold hard cash, then I'm not sure how much value there is any of it. I didn't see any application, any stats, any trades. And no need for the "do your own work" bullshit.

In comparison, volpri shows amazing application of his scaling process backed up with trades and profits. I consider this the benchmark for anyone trying to "teach".
 
volpri said:
Hershey intrigued me but for some reason I could not see my way through his thought processes. It seemed too far out of the baseball field for myself. Maybe too untraditional?

I don't trade forex. Never have, but wanted brooks explanation of it. Do you trade forex?
More...

Yeah, his method didn’t resonate with most folks, but for those that it did, it’s quite the sweet spot.

No Forex for me, volume is primarily what I key off of which is difficult with Forex but saw that you took Al’s course that included it. I don’t understand folks that bitch about it. As far as courses go $500 is nothing. The ROI on even one takeaway that one incorporates into their trading, makes it quite the bargain.
 
volpri said:
Yes, sprout should be able to direct you to Hershey material. I don’t think he wrote a book but made a lot of posts. As far as I know he never charged a penny for explaining his system. I believe he was an engineer??
More...

Yeah, worked as an engineer for three years on his first job. He plowed into stocks, applied his mind and built a way of interacting with the market that ‘extracted the full offer.’ He never had to work 9-5 for the rest of his life.
 
NoahA said:
Not to open up a can of worms, but it has been stated here in the past that Hershey passed away broke. If he could not turn his supposed ability of reading and predicting the market moves into cold hard cash, then I'm not sure how much value there is any of it. I didn't see any application, any stats, any trades. And no need for the "do your own work" bullshit.

In comparison, volpri shows amazing application of his scaling process backed up with trades and profits. I consider this the benchmark for anyone trying to "teach".
More...

Yeah, that’s the bs that desdimona lies about. Hershey documented his trades, was able to double his futures trading capital about every three days and swept his account weekly. His stock rotation’s lasted about a couple of weeks for about 4-8 active instruments drawing from a pool of ~200, his sector rotations he didn’t really post about. He created his own language and that’s how the trades are documented. Tons of charts, mada logs, trade logs,etc... but one has to use deduction to put all the pieces together.

The lazy and uninformed can’t see what’s literally right in front of their eyes. Nor can they believe that someone would ‘give away’ let alone teach a profitable method - it just doesn’t compute. He was trolled pretty hard here.

He wrote about the seven doublings of capital and how one can do that for themselves by sharing his method via drills.

The stuff works just like Al’s, it’s the individual trader that makes it work.

I also agree about volpri’s journal, I enjoy reading his perspective and how he manages his trades.
 
Sprout said:
Hershey documented his trades, was able to double his futures trading capital about every three days and swept his account weekly.
More...
This is quite a bold statement. I certainly didn't see any trades on any of his threads when I looked back. I also didn't see any trades from anyone following his method. Maybe its out there somewhere, but to claim he doubled his account every 3 days is the stuff of comic book superheroes. So I just don't buy it unless I see some sort of documentation to at least have something to evaluate.
 
Like @Sprout, I am a solid Hershey practitioner. Sprout and myself took slightly different paths to our individual understandings and usages of Hershey, Sprout being significantly more pedantic (per the Hershey threads) and myself being hybrid between the pedantic and experience. I have (and had) many years of I'll call it average trading success before study and ultimate inclusion of Hershey.

I have read 2 Brooks books. One important similarity between Brooks and Hershey is the bar-by-bar concept of analysis, which IMO can be filtered down to mean... Price and Volume are explicitly linked. Beyond that, Brooks focuses on price, whereas Hershey focus is on Volume. Since I trade futures, where every (same instrument) contract maintains the same monetary participation regardless of being short or long, AND the same value of price increment is constant regardless of price basis and number of contracts involved, Volume IMO is the more appropriate characteristic bar-by-bar to key off of. If that doesn't make sense, think of equities... your monetary participation AND value of price increment is determined by the number of shares involved. IOW, price itself is a major factor for participation with equities.

Anyway... there are only 2 trade signals... 1) Continuation/hold and 2) Change/reverse (or exit). The decision to sideline is based on the user understanding and experience. I believe Brooks is much more complex to distill to an actionable decision in real-time. Hershey chart annotations look like hell but can be determined in fractions of seconds once understood, in real-time.

Carry on!
 
I have for years believed the data we have to work with is:

1) Price
2) Volume
3) Open
4) High
5) Low
7)Close
8) Range or spread of the bar

Three through eight are related to price and as they play out in real time they say something..i.e. they have a story to tell....about the odds of "x" happening next.

So......boiled down to the essence; we really have two things..price and volume

Volume is a leading indicator as it represents the amount of $$$ going into the Instrument. Price itself is the best indicator of price. Taken together they can be very useful in helping a trader assign probability therefore useful in anticipating upcoming price.

This said I generally don't have look at volume very often when scalping on 5 min charts as I just know that 9 times out 10 large range bars closing on their highs or Lows were likely made on increasing volume. And the range, close, high,low of bars give me hints in a pb on the volume as to where it is less, or it is more that the previous Bar or close to bars. So I don't generally need to see volume to make a trading decision. Nevertheless, I, at times, will take a peek at volume if I have any doubts.

For myself just focusing on price eliminates looking at volume before making a trading decision and just streamlines the process, for me anyway.

But I am by no means adverse to volume. I do think it is useful. In essence, we have price and we have volume. Volume is $$$$. Price, of course is what folks are willing to pay for those transactions. So movement is composed of desire and willingness expressed through volume and price.
 
Hey, I have some questions:
• How many contracts would you trade in relation to your account size?
• How far do you let a trade move against you (in ticks) whilst you average in?
• As you average in, does your profit target move lower too?
• How long do you trade/watch the market per day?
• How long did it take before you became profitable?

Thanks.
 
You must log in or register to reply here.
Back
Top